Enclave at Sabal Pointe
Closed2148 54th Ave S, Saint Petersburg, FL 33712
Property type
Multifamily
Unit / Space count
109
Price
$7,300,000
Building size
143,560 sf
Rentable area
143,560 SF
Year built
1974
Year renovated
Occupancy
Zoning code
Lot size
14.22 Acres
Sold/status
Sold · Date unknown
Sale price
$7300000
Bedroom count
Property description
Enclave at Sabal Pointe is a multifamily value-add investment opportunity located in the south portion of St Petersburg, FL. The 109-unit property features a unit mix comprised of One (23.9%), Two (49.5%), and Three Bedrooms (26.6%) Investors have the opportunity to buy a bulk condo property with some recent capex improvements. Due to previous management issues, the property had been struggling with maintenance and occupancy rates. New third-party management was recently put in-place and the property has already seen significant progress physically and operationally. As leases expire and/or tenants move out, the next owner will be able to capitalize on rents that are below market and increase to the proven market rents. Additionally, the opportunity to value-add the units and property should help achieve significant rent growth over the next few years.
Property highlights
- Fractured Condominium Value Add Opportunity in Highly Desirable St. Petersburg, FL
- Proven Value Add Potential Through Continuation of Interior and Exterior Renovations
- Conveniently Located Near Publix (0.8 Mile), Walgreens (0.9 Mile) & Major Roadways (I-275 & US-19)
- Excellent Unit Mix Consisting of 76% 2/2s & Townhome Floor Plans
- Concrete Block Property Priced Significantly Below Replacement Cost
- Located in Close Proximity to Both Downtown St. Petersburg and World Famous Beaches